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Third Party Supplier Agreements

The health sector also has increasing regulatory requirements that require third-party management. HIPAA,[7] the Health Insurance Portability and Accountability Act sets the standard for data protection for private patients. There are rules regarding storage [8] and registration of PHI, Protected Health Information[9] that may be even more useful than credit card information. [10] The HITECH Act[11] signed in 2009 requires increased data protection and security obligations and extends these obligations to counterparties. Third-party management is the process by which companies monitor and manage interactions with all external parties with whom they have a relationship. This may include both contractual and non-contractual parties. Third-party management is conducted primarily to assess the current behaviour, performance and risk of any third-party relationship with a company. Monitoring activities include vendor and supplier information management, corporate compliance and social responsibility, vendor risk management, IT risk, anti-corruption/anti-corruption compliance (ABAC), information security (Infosec), performance measurement and contractual risk management. [1] The importance of third-party management was reinforced in 2013, when the US Office of the Comptroller of the Currency mandated that all regulated banks must manage the risk of all their third parties. [2] A third-party seller`s contract is a contract between two parties, which later adds an external party to help them meet their contractual obligations.3 min. Due to regulatory requirements, third-party management is the most widespread in the financial sector.

The use of third-party administrative systems is entrusted to the Office of the Comptroller of the Currency for national banks and federal fund associations. [2] The 2013-29 OCC Bulletin declares the administrative requirements of third parties for financial institutions. The British Financial Conduct Authority (FCA) requires, in accordance with the 8.1 Outsourcing Requirements, that critical functions performed by third parties be constantly monitored. [6] The next step on the checklist is to check and update your third-party agreements. You must read each contract to ensure it follows best practices in cybersecurity, data security and data protection. There is no doubt that you need to update the language of the words in these treaties to reflect data protection standards and clearly define each entity`s obligations. First, you get your team on the same page. This means that inter-Geneva stakeholders in public procurement, information TECHNOLOGY, finance and executives will be organized, to which suppliers – and, of course, data protection officers – will be organized to assist in the implementation and review of new third-party agreements. Next, identify the critical risk categories on which you assess new third parties: strategic, reputational, operational, financial, compliance, security and/or fraud.

To go further, some third parties are actually relocating some of their own projects to additional resources.